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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 3 Jul 2019
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      There are a lot of fintech companies which are a wrapper of varying thickness over an underlying provider which was willing to do a smart bizdev deal but wasn't capable of shipping their own modern mobile/web experience.

      7 replies 28 retweets 174 likes
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    2. Patrick McKenzie‏ @patio11 3 Jul 2019
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      The unsophisticated way to look at this is that the two companies are fundamentally in an oppositional relationship and either the startup learns how to go full stack and/or commoditize the underlying, or the underlying hires a web team and replicates startup note-for-note.

      2 replies 1 retweet 31 likes
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    3. Patrick McKenzie‏ @patio11 3 Jul 2019
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      The sophisticated way to look at it is that no, this is simply a channel strategy, and all parts of the channel have survived with differentiated players for generation, so a startup playing at a particular level of the stack is not a competitive threat to other parts of stack.

      1 reply 2 retweets 31 likes
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    4. Patrick McKenzie‏ @patio11 3 Jul 2019
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      The galaxy brain version to look at it is the unsophisticated way of looking at it is basically entirely right but they expect the transition to happen too quickly.

      5 replies 1 retweet 37 likes
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    5. TFA Shorty‏ @yuckycatbreath 3 Jul 2019
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      Replying to @patio11

      Can you explain in one tweet what the hell Brex is and why folks are creaming their pants about it?

      1 reply 0 retweets 0 likes
    6. Patrick McKenzie‏ @patio11 3 Jul 2019
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      Replying to @yuckycatbreath

      Brex is a charge card (credit card one pays in full every month) which a) will underwrite startups in a sensible fashion and b) offers rewards (effectively cash back) which are mathed out to be attractive to the likely charge mix and emotional buttons of a startup.

      2 replies 0 retweets 0 likes
    7. Patrick McKenzie‏ @patio11 3 Jul 2019
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      Replying to @patio11 @yuckycatbreath

      Startups have two factors which make them difficult to underwrite in the traditional model: a) Their founders / people controlling this decision in the early days have a low tolerance for weeks of pushing paper around b) Their credit needs are justifiable but weird aligned ...

      1 reply 0 retweets 0 likes
    8. Patrick McKenzie‏ @patio11 3 Jul 2019
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      Replying to @patio11 @yuckycatbreath

      ... against the traditional expectations of most underwriting processes. Examples include "their growth rate would look suspicious at other businesses of their size", "they may not have financial sophistication matching the numbers at play in their business", and the big one:

      1 reply 0 retweets 0 likes
      Patrick McKenzie‏ @patio11 3 Jul 2019
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      Replying to @patio11 @yuckycatbreath

      "A startup can be losing money regularly, in fact losing a lot of money regularly for years, but still be an *excellent* credit risk. Underwriting processes for small businesses are designed to detect this condition in companies and fire them out of a cannon."

      1:07 PM - 3 Jul 2019
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      • Thomas "If in doubt, don't go out" Clarke
      2 replies 0 retweets 1 like
        1. Max Tagher‏ @MaxTagher 3 Jul 2019
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          Replying to @patio11 @yuckycatbreath

          I would add: to avoid being fired out of a cannon, many founders put their personal credit on the line to get a card, so you may hear them complain about that. International founders may not have a credit history for this to be an option, though

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        1. TFA Shorty‏ @yuckycatbreath 3 Jul 2019
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          Replying to @patio11

          But it’s all eventually run through MasterCard or Visa right? I guess I don’t really understand the standard cc model to see how this differs. Also most startups have cash or committed cash that they can draw on. Is this in addition to or instead of?

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